THIS IS A NEW VARIATION OF BITCOIN: BITCOIN GOLD

After a split in August, last Tuesday for the second time a split occurred again and brought up a new cryptocurrency variant called Bitcoin Gold (BTG).

As before, the split known as the “fork” in the industry – has produced two currencies (the other being the old classic Bitcoin, or BTC), each having a history of the same transaction up to one point two of these currencies moving each -something. And as before, anyone who holds Bitcoin at the time of division must get the equivalent in Bitcoin Gold, for free.

As always, every division must have a certain impact. Creation of Bitcoin Cash is intended as a solution to the Bitcoin scale problem, so what about Bitcoin Gold? This new version has a different purpose: redesigning the decentralized use of Bitcoin.

If Bitcoin started out as something that many people could “mine” with their computers and compete to be the first to verify the transaction block. Where now Bitcoin can only be mined by someone with a warehouse full of special equipment. This makes the activity only profitable for a few specific people. As for Bitcoin Gold (BTG), people who do not earn high can also participate in it because it does not need to buy expensive minning tools.

Therefore the Gold Bitcoin system will use different “proof-of-work” block-verification algorithms, which are more friendly to the types of Graphic Processing Unit (GPU) that can be purchased by ordinary people. The code for mining Bitcoin Gold will come out in November, where people can start mining new coins, and those with regular Bitcoin on Tuesday will get the equivalent of Bitcoin Gold.

However, it can only happen if their exchange service and wallet support this new crypto. Last weekend, Coinbase said it will not support Bitcoin Gold for now because its developers have not made the code publicly available.

Some other virtual currency service providers such as BitBay and Coinomi, say they support the existence of Bitcoin Gold. Others watch carefully for developments. One of the wallet services, Uphold, said it would conduct operational reviews and new coin safety once the code is available.

“As soon as the open bourse to support BTG and BTG liquidity is stable, we will then provide updates when it will be offered for use on platform and Bitcoin Gold allocation to qualified members, “he said.”

Not yet known how the future of Bitcoin Gold later. In August, the newly launched Bitcoin Cash was worth no more than $ 200 and when this article was written it was only about $ 327. With the same tempo, Bitcoin had doubled the price twice.

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